Sectio 24-income tax bebnefits for home loan interest
This query is : Resolved
G.M.KULKARNI
(Querist)
22 January 2015
Under section 24 of Income Tax rule,one of the clause says that "If the property is not acquired/ construction completed within 3 years from the end of financial year in which the house loan was taken, interest benefit in this case would be reduced from 2 lacks to 30 thousand only.IF SO can you clarify on:
1). 3 years from the end of financial year in which the house loan was taken,does it mean 3 years subsequent to (i.e. Excluding the financial year) in which the house loan was drawn? For example, if the house loan was sanctioned/ drawn in Dec 2009, then house should be acquired/ construction completed before end March 2012-13, counting 3 years as 2010-11,2011-12 and2012-13 ( leaving 2009-10)?
2). If the house is not occupied by the owner, Can it be treated as let-out and not self occupied?. If so also, the above clause of 3 years is applicable? Or time limit is not applicable? Please clarify.
Can you throw your expert advice
1). 3 years from the end of financial year in which the house loan was taken,does it mean 3 years subsequent to (i.e. Excluding the financial year) in which the house loan was drawn? For example, if the house loan was sanctioned/ drawn in Dec 2009, then house should be acquired/ construction completed before end March 2012-13, counting 3 years as 2010-11,2011-12 and2012-13 ( leaving 2009-10)?
2). If the house is not occupied by the owner, Can it be treated as let-out and not self occupied?. If so also, the above clause of 3 years is applicable? Or time limit is not applicable? Please clarify.
Can you throw your expert advice
22 January 2015
1. starting from fy 2010-11 to 12-13 is the time limit.
2.in this case if its let out then no such ceiling limit is there for int payment made.
2.in this case if its let out then no such ceiling limit is there for int payment made.
Rupesh Jain
(Expert)
22 January 2015
period form 2010-11 to 2012-13
if let out three year condition not applicable due its only for self occupied house.
if let out three year condition not applicable due its only for self occupied house.
G.M.KULKARNI
(Querist)
22 January 2015
Many thanks for your clarifications.
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